Collective Shift
Welcome to the Collective Shift podcast, where we aim to help you save time and get ahead in the world of cryptocurrency. In each episode, we cover the latest crypto developments and trends, discussing important headlines and introducing exciting new projects. We understand that crypto can be overwhelming, which is why we strive to provide clear and concise information to help you make informed decisions. So join us as we delve into the intersection of finance and tech, and learn how you can use crypto to stay ahead of the curve.
Collective Shift
U.S. State Pension Buys Bitcoin & Solana vs Ethereum Debate Heats Up
Join Matt and Nick as they break down the latest market uptick; the state of Wisconsin’s investing in Bitcoin ETFs; the U.S. Senate voting to override an anti-crypto rule; Solana vs Ethereum; altcoin updates; and more.
Key Takeaways
- Cryptocurrencies traded higher following the latest U.S. CPI data coming in line with expectations.
- The U.S. Senate approved a rule change that would make it easier for banks to offer crypto-custody services. However, President Joe Biden said he would not be signing off on this.
- Nearly 1,000 entities reported owning spot Bitcoin ETFs as of the end of March. Worth noting, however, the vast majority of these are likely not holding for investment purposes.
- The State of Wisconsin Investment Board (SWIB) was one that reported owning roughly $160M worth of these ETFs for investment purposes. This is very bullish and may prompt other state pensions to follow Wisconsin’s lead.
- Solana overtook Ethereum mainnet in terms of daily economic value (i.e. transaction fees plus MEV) for the first time. Yet another sign that Solana should not be overlooked.
- The SEC must approve or deny two spot Ethereum applications by the end of this week. A denial is widely anticipated. If this happens, the SEC’s rationale will be a must-follow, as will any public statements from the relevant applicants (i.e. VanEck, Ark Invest and 21Shares).
- Among the altcoin updates covered: news regarding zkSync and Blast’s airdrops; and Syntetix’s sUSD losing its peg.